1794 $1 VF30 PCGS. When David Rittenhouse took over the
responsibility as the Mint's first Director, he had a twofold task
to accomplish. The first was to begin production of silver coins,
especially silver dollars, that would compare favorably in weight
to the widely circulated Spanish (Carolus) dollars. Second, the
coins had to present well. The first goal was much easier to
realize than the second. Adjustment marks and even silver plugs
were used to make early silver dollars conform to weight
specifications. How the coins appeared was a matter of considerable
experimentation in the first few years and was a process that
continued until the Gobrecht design was adopted and modified in the
1830s.
In part, the dollars from 1794 all show varying degrees of weakness
and misalignment because they were struck on a press meant for
smaller coins. This weakness was noticed at the time of issue, but
attributed to shallow engraving. But the experimentation had just
begun with silver dollars, and in the next year the 1795 dollars
show much coarser hair and heavier design elements on the
reverse.
Even though all 1794 dollars were struck from misaligned dies,
obvious attention was paid to the manufacture of these coins. Of
the 125+ pieces known, there are five die states. This is a Die
State III piece and is characterized by light relapping of the
obverse die to lessen the clash marks that apparently occurred just
after the first coins were struck. This is the most frequently seen
die state and Martin Logies identified 84 different specimens from
this state.
Again, according to Martin Logies, this particular coin can be
identified by the following pedigree markers:

"Strike weakness is most visible at the bottom of the obverse (with
the numerals of the date and star one particularly weak) and the
top of the reverse. There is a diagonal nick under the truncation
of the bust, above the numeral 4 in the date, and there are several
smaller nicks between the numerals 7 and 9. The reverse displays
several significant planchet lamination defects. The most
significant of these compromise the TAT in STATES (likely causing
the weakness in the date), but others can be seen in the eagle's
left wing (viewer's right) and just above the separation of the
eagle's legs. Two small rim dents above the M and R in AMERICA, and
a small pit is seen to the right of the ribbon end on the right
side of the wreath."

In spite of its Mint-made defects and the few other minor flaws
mentioned above, this is an original coin. The surfaces are
generally light gray-golden with a darker outline of color on the
reverse devices. Struck on the initial day of the production of
silver coinage, October 15, 1794, this piece represents a historic
relic of the United States' earliest attempt to produce large size
silver coinage.Ex: George C. Slawson (Stack's, 4/1970), lot 840; 1991 ANA
(Bowers and Merena, 8/1991), lot 436.(Registry
values: N10218) (NGC ID# 24WY, PCGS# 6851)